Seattle real estate inventory, sales up in May 2024

Landmark verdict may impact real estate salesr

A federal jury recently found the National Association of realtors and multiple large brokers liable for boosting commissions paid to agents, totally almost $2 billion in damages.

SEATTLE - The Seattle real estate market is experiencing a seasonal surge, with significant increases in home sales and median prices, according to the latest market report from the Northwest Multiple Listing Service (NWMLS).

As the summer months approach, activity in the market is expected to continue climbing.

In May 2024, the median price of homes sold in the Washington counties covered by NWMLS rose by 7% compared to May 2023. Of the 26 counties analyzed, 17 saw an increase in median sale prices, eight saw decreases, and one county, Grant, remained unchanged. The highest median sale prices were reported in King County ($890,000), Snohomish County ($785,000) and San Juan County ($744,500). On the other end of the spectrum, Okanogan, Columbia and Ferry counties had the lowest median sale prices at $302,000, $275,000 and $171,500 respectively.

NWMLS brokers added 11,572 new listings to the database in May 2024, an increase of 25% compared to May 2023. (Northwest Multiple Listing Service (NWMLS))

The market also saw a 6% increase in the number of closed sales transactions year-over-year. Twelve counties experienced an uptick in the number of homes sold, while 13 saw a decrease, and Cowlitz County's sales remained stable. This increased activity is partly attributed to the dramatic 41% year-over-year rise in for-sale inventory across the region.

"With the 30-year fixed mortgage rate currently at 7.03% as of late May 2024, the purchasing power of prospective buyers remains constrained relative to a few years ago," said Steven Bourassa, director for Washington Center for Real Estate Research. "Year-over-year inventory levels have improved dramatically relative to May 2023, increasing by 41%. The number of year-over-year closed sales transactions saw a 6% increase, signaling that buyers and sellers are beginning to adjust to the higher interest rate environment. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months."

Condominium sales in May also reflected positive trends, with a 70% increase in the number of units for sale compared to May 2023. The median sales price for condos rose by 11.5% to $529,475, with 942 units sold during May 2024.

Consumer activity mirrored the upward trends in the market. Property showings scheduled through NWMLS software increased by 5% from April to May 2024, totaling 128,924 showings. Keyboxes, used to access listed properties, were activated 163,414 times in May, marking a 7% rise from April's activity.

Brokers are increasingly highlighting properties eligible for the Down Payment Resource (DPR) program, aimed at assisting buyers. In May 2024, there were 15,155 properties listed as eligible for this program.